Agricultural Biotechnology Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions

"The Business Research Company recently released a comprehensive report on the Global Agricultural Biotechnology Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, the agricultural biotechnology market size has grown rapidly in recent years. It will grow from $55.24 billion in 2023 to $60.93 billion in 2024 at a compound annual growth rate (CAGR) of 10.30%. The growth in the historic period can be attributed to increased population and food demand, crop resistance to pests and diseases, improved crop characteristics, advancements in genetic engineering techniques, environmental concerns and sustainable agriculture.

The agricultural biotechnology market size is expected to see rapid growth in the next few years. It will grow to $89.52 billion in 2028 at a compound annual growth rate (CAGR) of 10.10%. The growth in the forecast period can be attributed to rising focus on precision agriculture, climate change adaptation, consumer demand for sustainable practices, global trade dynamics, emerging markets and developing economies. Major trends in the forecast period include collaboration and partnerships, technological innovations, biosecurity and pandemic preparedness, gene editing technologies dominance, digital agriculture integration.

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Market Drivers and Trends:

The increased food demand is expected to propel the growth of the agricultural biotechnology market going forward. Food demand refers to the quantity and variety of food products consumers desire and are willing to purchase within a given period. Increased food demand is due to population growth, urbanization, and shifting dietary preferences. Agricultural biotechnology boosts food demand by enhancing crop productivity, improving crop quality, and increasing resilience to environmental stresses. For instance, according to reports published by the U.S. Bureau of Labor Statistics, a U.S. government agency, average household spending on food increased by 12.7% from 2021 to 2022, which is fueled by a 20.1% increase in spending on meals away from home and an 8.4% increase in spending on food at home. Therefore, the increased food demand is driving the growth of the agricultural biotechnology market.

Major companies operating in the agricultural biotechnology market are concentrating on innovative biotechnologies, such as pipelines with integrated solutions, to accelerate agriculture's transformation and overcome local and crop system climate challenges. This solution combines crop protection, seeds and traits, technologies, tools, and methodologies to optimize farming practices, increase productivity, and improve sustainability. For instance, in March 2023, BASF SE, a Germany-based chemical company, launched an innovation pipeline with integrated solutions to accelerate agriculture's transformation. This solution provides farmers with much-needed solutions to address local and crop-specific pest pressures, climatic problems, changing regulatory requirements, and expanding consumer demands. Additionally, this can help farmers optimize their inputs, reduce waste, and improve yields, leading to lower emissions. It also enhances climate resilience, biodiversity preservation, and precision applications.

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Major Key Players of the Market:

BASF SE, Dow AgroSciences Inc., Bayer AG, Syngenta AG, Monsanto Company , DuPont de Nemours Inc., Novozymes A/S, Certis USA, Vilmorin & Cie SA, KWS SAAT SE, Indigo Agriculture Inc., Bioceres Crop Solutions Corp., Ginkgo Bioworks Holdings Inc., AgBiome Inc., Pairwise Plants Services Inc., Marrone Bio Innovations Inc., Agrivida Inc., Intrexon Corporation , Phytelligence Inc., Cibus Global Ltd., Arcadia Biosciences Inc., ZeaKal Inc., NewLeaf Symbiotics Inc., Evogene Ltd., GreenLight Biosciences Inc.

Agricultural Biotechnology Market 2024 Key Insights:

• The agricultural biotechnology market is expected to grow to $89.52 billion in 2028 at a compound annual growth rate (CAGR) of 10.10%.
• The Impact of Increased Food Demand on Agricultural Biotechnology Market Growth
• Innovative Biotechnologies Transforming Agriculture Focus On Integrated Solutions
• North America was the largest region in the agricultural biotechnology market in 2023

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